Sharjah's Real Estate Market Booms With AED 3.9 Billion Transactions In January 2024

In a significant surge within the real estate sector, the Emirate of Sharjah has reported transactions amounting to AED 39 billion in January 2024. This figure marks a substantial rise from the AED 2 billion recorded in January 2023, showcasing a robust growth trajectory in the region's property market. The Sharjah Real Estate Registration Department's latest monthly report highlights this remarkable increase, with the number of transactions in January 2024 soaring to 5,412, a stark contrast to the 2,999 transactions documented in the same period last year.

The detailed breakdown provided by the department reveals that out of the total transactions in January, sales transactions constituted 879, accounting for 16.3 percent. Mortgage transactions were also notable, with 288 recorded, representing 5.3 percent of the total and amassing a value of AED 548.1 million. The remaining bulk of transactions, which includes various other types, stood at 4,245 or 78.4 percent of the overall activities.

Geographically, these transactions spanned across 106 areas within Sharjah, covering residential, commercial, industrial, and agricultural lands. Specifically, the trading involved 358 lands, with built-in land transactions and tower unit sales reaching 282 and 239 respectively.

The report identifies "Muwailih Commercial" as the top area in terms of sales transactions with a total of 122. It was closely followed by "Al-Mazairah" with 114 transactions, "Al-Khan" with 61, and "Hoshi" with 43. In terms of trading volume, "Muwailih Commercial" again led with AED164.1 million, followed by "Al-Sajaa Industrial" at AED152.5 million, "Al-Khan" at AED79.2 million, and "Al-Mamzar" at AED71.7 million.

Further insights into regional performance show "Al-Madina Al-Qasimia" in the central region recording the highest trading volume numbers at AED32 million across 46 transactions. In Khor Fakkan, "Hay Al-Haray Industrial" area topped with seven transactions while "Hayawa 4" district led in trading volume at AED3.2 million. Kalba city saw "Al-Tarif 5" as its most active area both in terms of transactions and trading volume, reaching AED1.5 million.

This comprehensive report underscores a vibrant real estate market in Sharjah, reflecting investor confidence and a growing interest in various sectors within the emirate. The diversity in traded properties and the geographical spread of transactions indicate a healthy demand across residential, commercial, industrial, and agricultural segments.

The significant year-on-year growth in transaction volume and value not only highlights Sharjah's appeal as a prime investment destination but also signals potential for future growth within the UAE's broader real estate sector.

With inputs from WAM